Kathy Is 60 Years of Age and Self-Employed

Multiple Choice

Kathy is 60 years of age and self-employed. During 2020 she reported $118,000 of revenues and $43,600 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a SEP IRA for 2020? (Round your final answer to the nearest whole number.)

A) $13,829.
B) $17,170.
C) $71,800.
D) $55,800.